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| x      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 29, 2013 OR |
|   |   |
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______. |

|                                   |
|-----------------------------------|
|                                   |  |  |
| Minnesota                         |   | 41-1276891 |
| (State or other jurisdiction      |   | (I.R.S. Employer |
| of incorporation or organization) |   | Identification No.) |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |
| Large accelerated filer x                                                       |   | Accelerated filer ¨ |
|                                                                            |   |   |
| Non-accelerated filer ¨ (Do not check if a smaller reporting company) |   | Smaller reporting company ¨ |

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|        |  |  |  |  |
| ITEM   |   | DESCRIPTION |   | PAGE |
|   | PART I – FINANCIAL INFORMATION |   |
| 1.     | Financial Statements |   |
|   | Condensed Consolidated Statements of Earnings | 1 |
|   | Condensed Consolidated Statements of Comprehensive Income | 2 |
|   | Condensed Consolidated Balance Sheets | 3 |
|   | Condensed Consolidated Statements of Cash Flows | 4 |
|   | Note 1 – Basis of Presentation | 5 |
|   | Note 2 – Business Combinations | 6 |
|   | Note 3 – Goodwill and Other Intangible Assets | 7 |
|   | Note 4 – Inventories | 8 |
|   | Note 5 – Debt | 8 |
|   | Note 6 – Commitments and Contingencies | 10 |
|   | Note 7 – Special Charges | 14 |
|   | Note 8 – Net Earnings Per Share | 16 |
|   | Note 9 - Accumulated Other Comprehensive Income (Loss) | 17 |
|   | Note 10 – Other Expense, Net | 19 |
|   | Note 11 – Income Taxes | 19 |
|   | Note 12 – Fair Value Measurements and Financial Instruments | 19 |
|   | Note 13 – Derivative Financial Instruments | 22 |
|   | Note 14 – Segment and Geographic Information | 23 |
|   |   |   |
| 2.     | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25 |
|   | Overview | 25 |
|   | New Accounting Pronouncements | 26 |
|   | Critical Accounting Policies and Estimates | 27 |
|   | Segment Performance | 27 |
|   | Results of Operations | 29 |
|   | Liquidity | 32 |
|   | Debt and Credit Facilities | 34 |
|   | Dividends and Share Repurchases | 35 |
|   | Commitments and Contingencies | 35 |
|   | Cautionary Statements | 35 |
|   |   |   |
| 3.     | Quantitative and Qualitative Disclosures About Market Risk | 37 |
| 4.     | Controls and Procedures | 38 |
|   |   |   |
|   | PART II – OTHER INFORMATION |   |
|   |   |   |
| 1.     | Legal Proceedings | 38 |
| 1A.    | Risk Factors | 38 |
| 6.     | Exhibits | 49 |
|   | Signature | 50 |
|   | Index to Exhibits | 51 |

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|         |                      |
|---------|----------------------|
| Item 1. | FINANCIAL STATEMENTS |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           | Three Months Ended |   | Six Months Ended |
|                                                           | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Net sales                                                      | $ | 1,403 |  |   | $ | 1,410 |  |   | $ | 2,741 |  |   | $ | 2,805 |  |
| Cost of sales:                                                 |   |  |   |   |  |   |  |  |   |  |  |
| Cost of sales before special charges                           | 381 |  |   | 367 |  |   | 740 |  |   | 725 |  |
| Special charges                                                | 1 |  |   | 16 |  |   | 19 |  |   | 39 |  |
| Total cost of sales                                            | 382 |  |   | 383 |  |   | 759 |  |   | 764 |  |
| Gross profit                                                   | 1,021 |  |   | 1,027 |  |   | 1,982 |  |   | 2,041 |  |
| Selling, general and administrative expense                    | 489 |  |   | 494 |  |   | 957 |  |   | 984 |  |
| Research and development expense                               | 173 |  |   | 173 |  |   | 333 |  |   | 348 |  |
| Special charges                                                | 77 |  |   | 22 |  |   | 102 |  |   | 69 |  |
| Operating profit                                               | 282 |  |   | 338 |  |   | 590 |  |   | 640 |  |
| Other expense, net                                             | 183 |  |   | 25 |  |   | 231 |  |   | 48 |  |
| Earnings before noncontrolling interest and income taxes       | 99 |  |   | 313 |  |   | 359 |  |   | 592 |  |
| Income tax expense (benefit)                                   | (8 | ) |   | 69 |  |   | 30 |  |   | 136 |  |
| Net earnings before noncontrolling interest                    | 107 |  |   | 244 |  |   | 329 |  |   | 456 |  |
| Net loss attributable to noncontrolling interest               | (8 | ) |   | — |  |   | (9 | ) |   | — |  |
| Net earnings attributable to St. Jude Medical, Inc.            | $ | 115 |  |   | $ | 244 |  |   | $ | 338 |  |   | $ | 456 |  |
|                                                           |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |
| Net earnings per share attributable to St. Jude Medical, Inc.: |   |  |   |   |  |   |   |   |   |
| Basic                                                          | $ | 0.41 |  |   | $ | 0.78 |  |   | $ | 1.19 |  |   | $ | 1.45 |  |
| Diluted                                                        | $ | 0.40 |  |   | $ | 0.78 |  |   | $ | 1.18 |  |   | $ | 1.44 |  |
| Cash dividends declared per share:                             | $ | 0.25 |  |   | $ | 0.23 |  |   | $ | 0.50 |  |   | $ | 0.46 |  |
| Weighted average shares outstanding:                           |   |  |   |   |  |   |   |   |   |
| Basic                                                          | 283.9 |  |   | 313.9 |  |   | 284.6 |  |   | 314.8 |  |
| Diluted                                                        | 286.7 |  |   | 315.2 |  |   | 287.1 |  |   | 316.4 |  |

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|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               | Three Months Ended |   | Six Months Ended |
|                                                                               | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Net earnings before noncontrolling interest                                        | $ | 107 |  |   | $ | 244 |  |   | $ | 329 |  |   | $ | 456 |  |
| Other comprehensive income (loss), net of tax:                                     |   |  |   |   |  |   |   |   |   |
| Unrealized gain on available-for-sale securities                                   | 2 |  |   | 4 |  |   | 1 |  |   | 6 |  |
| Unrealized gain on derivative financial instruments                                | — |  |   | — |  |   | 3 |  |   | — |  |
| Reclassification of realized gain to net earnings on available-for-sale securities | (3 | ) |   | (3 | ) |   | (3 | ) |   | (5 | ) |
| Foreign currency translation adjustment                                            | (14 | ) |   | (84 | ) |   | (41 | ) |   | (46 | ) |
| Other comprehensive loss                                                           | (15 | ) |   | (83 | ) |   | (40 | ) |   | (45 | ) |
| Total comprehensive income before noncontrolling interest                          | 92 |  |   | 161 |  |   | 289 |  |   | 411 |  |
| Total comprehensive loss attributable to noncontrolling interest                   | (8 | ) |   | — |  |   | (9 | ) |   | — |  |
| Total comprehensive income attributable to St. Jude Medical, Inc.                  | $ | 100 |  |   | $ | 161 |  |   | $ | 298 |  |   | $ | 411 |  |

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|                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                                                                                          | June 29, 2013 |   |   |
|                                                                                                                                                                          | (Unaudited) |   | December 29, 2012 |
| ASSETS                                                                                                                                                                        |   |  |   |   |  |
| Current Assets                                                                                                                                                                |   |  |   |   |  |
| Cash and cash equivalents                                                                                                                                                     | $ | 1,220 |  |   | $ | 1,194 |  |
| Accounts receivable, less allowance for doubtful accounts of $44 million and $47 million at June 29, 2013 and December 29, 2012, respectively                                 | 1,377 |  |   | 1,349 |  |
| Inventories                                                                                                                                                                   | 643 |  |   | 610 |  |
| Deferred income taxes, net                                                                                                                                                    | 216 |  |   | 220 |  |
| Other current assets                                                                                                                                                          | 245 |  |   | 178 |  |
| Total current assets                                                                                                                                                          | 3,701 |  |   | 3,551 |  |
| Property, plant and equipment, at cost                                                                                                                                        | 2,732 |  |   | 2,629 |  |
| Less accumulated depreciation                                                                                                                                                 | (1,300 | ) |   | (1,204 | ) |
| Net property, plant and equipment                                                                                                                                             | 1,432 |  |   | 1,425 |  |
| Goodwill                                                                                                                                                                      | 3,139 |  |   | 2,961 |  |
| Intangible assets, net                                                                                                                                                        | 877 |  |   | 804 |  |
| Other assets                                                                                                                                                                  | 511 |  |   | 530 |  |
| TOTAL ASSETS                                                                                                                                                                  | $ | 9,660 |  |   | $ | 9,271 |  |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                    |   |  |   |   |  |
| Current Liabilities                                                                                                                                                           |   |  |   |   |  |
| Current debt obligations                                                                                                                                                      | $ | 518 |  |   | $ | 530 |  |
| Accounts payable                                                                                                                                                              | 226 |  |   | 254 |  |
| Dividends payable                                                                                                                                                             | 71 |  |   | 68 |  |
| Income taxes payable                                                                                                                                                          | — |  |   | 142 |  |
| Employee compensation and related benefits                                                                                                                                    | 296 |  |   | 299 |  |
| Other current liabilities                                                                                                                                                     | 457 |  |   | 482 |  |
| Total current liabilities                                                                                                                                                     | 1,568 |  |   | 1,775 |  |
| Long-term debt                                                                                                                                                                | 3,095 |  |   | 2,550 |  |
| Deferred income taxes, net                                                                                                                                                    | 349 |  |   | 323 |  |
| Other liabilities                                                                                                                                                             | 571 |  |   | 529 |  |
| Total liabilities                                                                                                                                                             | 5,583 |  |   | 5,177 |  |
| Commitments and Contingencies (Note 6)                                                                                                                                        | — |  |   | — |  |
| Shareholders’ Equity                                                                                                                                                    |   |  |   |   |  |
| Preferred stock ($1.00 par value; 25,000,000 shares authorized; none outstanding)                                                                                             | — |  |   | — |  |
| Common stock ($0.10 par value; 500,000,000 shares authorized; 284,535,826 and 295,648,327 shares issued and outstanding at June 29, 2013 and December 29, 2012, respectively) | 28 |  |   | 30 |  |
| Additional paid-in capital                                                                                                                                                    | 108 |  |   | — |  |
| Retained earnings                                                                                                                                                             | 3,695 |  |   | 4,018 |  |
| Accumulated other comprehensive income                                                                                                                                        | 6 |  |   | 46 |  |
| Total shareholders' equity before noncontrolling interest                                                                                                                     | 3,837 |  |   | 4,094 |  |
| Noncontrolling interest                                                                                                                                                       | 240 |  |   | — |  |
| Total shareholders’ equity                                                                                                                                              | 4,077 |  |   | 4,094 |  |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                              | $ | 9,660 |  |   | $ | 9,271 |  |

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|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |
| Six Months Ended                                                             | June 29, 2013 |   | June 30, 2012 |
| OPERATING ACTIVITIES                                                         |   |  |   |   |  |
| Net earnings before noncontrolling interest                                  | $ | 329 |  |   | $ | 456 |  |
| Adjustments to reconcile net earnings to net cash from operating activities: |   |  |   |   |  |
| Depreciation and amortization                                                | 138 |  |   | 141 |  |
| Amortization of debt premium                                                 | (1 | ) |   | (5 | ) |
| Stock-based compensation                                                     | 33 |  |   | 37 |  |
| Gain on sale of investment                                                   | (5 | ) |   | (9 | ) |
| Loss on retirement of long-term debt                                         | 161 |  |   | — |  |
| Deferred income taxes                                                        | (20 | ) |   | (13 | ) |
| Other, net                                                                   | 39 |  |   | 31 |  |
| Changes in operating assets and liabilities, net of business acquisitions:   |   |  |   |   |  |
| Accounts receivable                                                          | (71 | ) |   | (15 | ) |
| Inventories                                                                  | (37 | ) |   | (5 | ) |
| Other current assets                                                         | (15 | ) |   | 12 |  |
| Accounts payable and accrued expenses                                        | 5 |  |   | (35 | ) |
| Income taxes payable                                                         | (160 | ) |   | (6 | ) |
| Net cash provided by operating activities                                    | 396 |  |   | 589 |  |
| INVESTING ACTIVITIES                                                         |   |  |   |   |  |
| Purchases of property, plant and equipment                                   | (117 | ) |   | (128 | ) |
| Proceeds from sale of investments                                            | 6 |  |   | 12 |  |
| Other investing activities, net                                              | (13 | ) |   | (25 | ) |
| Net cash used in investing activities                                        | (124 | ) |   | (141 | ) |
| FINANCING ACTIVITIES                                                         |   |  |   |   |  |
| Exercise of stock options and stock issued, including excess tax benefits    | 103 |  |   | 52 |  |
| Common stock repurchased, including related costs                            | (609 | ) |   | (300 | ) |
| Dividends paid                                                               | (139 | ) |   | (139 | ) |
| Issuances (payments) of commercial paper borrowings, net                     | (318 | ) |   | 174 |  |
| Borrowings under debt facilities                                             | 2,092 |  |   | — |  |
| Payments under debt facilities                                               | (1,196 | ) |   | — |  |
| Other financing activities, net                                              | (167 | ) |   | — |  |
| Net cash used in financing activities                                        | (234 | ) |   | (213 | ) |
| Effect of currency exchange rate changes on cash and cash equivalents        | (12 | ) |   | (7 | ) |
| Net increase in cash and cash equivalents                                    | 26 |  |   | 228 |  |
| Cash and cash equivalents at beginning of period                             | 1,194 |  |   | 986 |  |
| Cash and cash equivalents at end of period                                   | $ | 1,220 |  |   | $ | 1,214 |  |
|                                                                         |   |   |   |
| Noncash investing activities:                                                |   |   |   |
|  Noncontrolling interest                                                | $ | 249 |  |   | $ | — |  |

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|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     |   | Spinal Modulation | CardioMEMS |
| Current assets                                           |   | $ | 10 |  | $ | 8 |  |
| Goodwill                                                 |   | 117 |  | 84 |  |
| Acquired in-process research and development (IPR&D) |   | 50 |  | 69 |  |
| Other intangible assets                                  |   | 10 |  | — |  |
| Other long-term assets                                   |   | 1 |  | 2 |  |
|    Total assets                           |   | 188 |  | 163 |  |
|                                                     |   |   |   |
| Current liabilities                                      |   | 6 |  | 13 |  |
| Deferred income taxes, net                               |   | 22 |  | 26 |  |
| Other long-term liabilities                              |   | — |  | 4 |  |
|    Total liabilities                      |   | $ | 28 |  | $ | 43 |  |
| Non-controlling interest                                 |   | $ | 160 |  | $ | 89 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |
|                                   | IESD |   | CATD |   | Total |
| Balance at December 29, 2012           | $ | 1,229 |  |   | $ | 1,732 |  |   | 2,961 |  |
| Spinal Modulation, Inc.                | 117 |  |   | — |  |   | 117 |  |
| CardioMEMS, Inc.                       | 84 |  |   | — |  |   | 84 |  |
| Foreign currency translation and other | (13 | ) |   | (10 | ) |   | (23 | ) |
| Balance at June 29, 2013               | $ | 1,417 |  |   | $ | 1,722 |  |   | 3,139 |  |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | June 29, 2013 |   | December 29, 2012 |
|                                        | GrossCarryingAmount |   | AccumulatedAmortization |   | GrossCarryingAmount |   | AccumulatedAmortization |
| Definite-lived intangible assets:           |   |  |   |   |  |   |   |  |   |   |  |
| Purchased technology and patents            | $ | 934 |  |   | $ | 354 |  |   | $ | 947 |  |   | $ | 336 |  |
| Customer lists and relationships            | 22 |  |   | 15 |  |   | 57 |  |   | 36 |  |
| Trademarks and tradenames                   | 22 |  |   | 11 |  |   | 22 |  |   | 10 |  |
| Licenses, distribution agreements and other | 4 |  |   | 2 |  |   | 6 |  |   | 4 |  |
|                                        | $ | 982 |  |   | $ | 382 |  |   | $ | 1,032 |  |   | $ | 386 |  |
| Indefinite-lived intangible assets:         |   |  |   |   |  |   |   |  |   |   |  |
| Acquired IPR&D                          | $ | 228 |  |   |   |  |   | $ | 109 |  |   |   |  |
| Trademarks and tradenames                   | 49 |  |   |   |  |   | 49 |  |   |   |  |
|                                        | $ | 277 |  |   |   |  |   | $ | 158 |  |   |   |  |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |
|            | June 29, 2013 |   | December 29, 2012 |
| Finished goods  | $ | 430 |  |   | $ | 416 |  |
| Work in process | 56 |  |   | 50 |  |
| Raw materials   | 157 |  |   | 144 |  |
|            | $ | 643 |  |   | $ | 610 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | June 29, 2013 |   | December 29, 2012 |
| 2.20% senior notes due 2013                 | $ | 451 |  |   | $ | 454 |  |
| 3.75% senior notes due 2014                 | — |  |   | 699 |  |
| 2.50% senior notes due 2016                 | 515 |  |   | 518 |  |
| 4.875% senior notes due 2019                | — |  |   | 496 |  |
| 3.25% senior notes due 2023                 | 896 |  |   | — |  |
| 4.75% senior notes due 2043                 | 695 |  |   | — |  |
| Term loan due 2015                          | 500 |  |   | — |  |
| 1.58% Yen-denominated senior notes due 2017 | 83 |  |   | 95 |  |
| 2.04% Yen-denominated senior notes due 2020 | 131 |  |   | 149 |  |
| Yen-denominated credit facilities           | 67 |  |   | 76 |  |
| Commercial paper borrowings                 | 275 |  |   | 593 |  |
| Total debt                                  | 3,613 |  |   | 3,080 |  |
| Less: current debt obligations              | 518 |  |   | 530 |  |
| Long-term debt                              | $ | 3,095 |  |   | $ | 2,550 |  |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | Three Months Ended | Six Months Ended |
|                                | June 29, 2013 |   | June 30, 2012 | June 29, 2013 |   | June 30, 2012 |
| Balance at beginning of period | $ | 37 |  |   | $ | 37 |  | $ | 38 |  |   | $ | 36 |  |
| Warranty expense recognized    | 1 |  |   | 1 |  | 3 |  |   | 3 |  |
| Warranty credits issued        | (1 | ) |   | — |  | (4 | ) |   | (1 | ) |
| Balance at end of period       | $ | 37 |  |   | $ | 38 |  | $ | 37 |  |   | $ | 38 |  |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | EmployeeTerminationCosts |   | InventoryCharges |   | FixedAssetCharges |   | Other Restructuring Costs |   | Total |
| Balance at December 31, 2011  | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Cost of sales special charges | 5 |  |   | 17 |  |   | — |  |   | 2 |  |   | 24 |  |
| Special charges               | 104 |  |   | — |  |   | 41 |  |   | 16 |  |   | 161 |  |
| Non-cash charges used         | — |  |   | (17 | ) |   | (41 | ) |   | (3 | ) |   | (61 | ) |
| Cash payments                 | (52 | ) |   | — |  |   | — |  |   | (7 | ) |   | (59 | ) |
| Foreign exchange rate impact  | 1 |  |   | — |  |   | — |  |   | — |  |   | 1 |  |
| Balance at December 29, 2012  | 58 |  |   | — |  |   | — |  |   | 8 |  |   | 66 |  |
| Cost of sales special charges | — |  |   | 18 |  |   | — |  |   | — |  |   | 18 |  |
| Special charges               | 10 |  |   | — |  |   | 2 |  |   | 4 |  |   | 16 |  |
| Non-cash charges used         | — |  |   | (18 | ) |   | (2 | ) |   | — |  |   | (20 | ) |
| Cash payments                 | (32 | ) |   | — |  |   | — |  |   | (3 | ) |   | (35 | ) |
| Foreign exchange rate impact  | (1 | ) |   | — |  |   | — |  |   | — |  |   | (1 | ) |
| Balance at March 30, 2013     | 35 |  |   | — |  |   | — |  |  | 9 |  |   | 44 |  |
| Cost of sales special charges | — |  |   | 1 |  |   | — |  |   | — |  |   | 1 |  |
| Special charges               | 19 |  |   | — |  |   | 2 |  |   | 17 |  |   | 38 |  |
| Non-cash charges used         | — |  |   | (1 | ) |   | (2 | ) |   | (4 | ) |   | (7 | ) |
| Cash payments                 | (17 | ) |   | — |  |   | — |  |   | (9 | ) |   | (26 | ) |
| Foreign exchange rate impact  | 1 |  |   | — |  |   | — |  |   | — |  |   | 1 |  |
| Balance at June 29, 2013      | $ | 38 |  |   | $ | — |  |   | $ | — |  |   | $ | 13 |  |   | $ | 51 |  |

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|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | EmployeeTerminationCosts |   | InventoryCharges |   | FixedAssetCharges |   | Other Restructuring Costs |   | Total |
| Balance at December 31, 2011  | $ | 54 |  |   | $ | — |  |   | $ | — |  |   | $ | 18 |  |   | $ | 72 |  |
| Cost of sales special charges | 11 |  |   | 13 |  |   | — |  |   | 20 |  |   | 44 |  |
| Special charges               | 27 |  |   | — |  |   | — |  |   | 31 |  |   | 58 |  |
| Non-cash charges used         | — |  |   | (13 | ) |   | — |  |   | (4 | ) |   | (17 | ) |
| Cash payments                 | (68 | ) |   | — |  |   | — |  |   | (47 | ) |   | (115 | ) |
| Foreign exchange rate impact  | 1 |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |
| Balance at December 29, 2012  | 25 |  |   | — |  |   | — |  |   | 17 |  |   | 42 |  |
| Special charges               | 2 |  |   | — |  |   | — |  |   | 7 |  |   | 9 |  |
| Cash payments                 | (13 | ) |   | — |  |   | — |  |   | (6 | ) |   | (19 | ) |
| Balance March 30, 2013        | 14 |  |   | — |  |   | — |  |   | 18 |  |   | 32 |  |
| Special charges               | — |  |   | — |  |   | 1 |  |   | 3 |  |   | 4 |  |
| Non-cash charges used         | — |  |   | — |  |   | (1 | ) |   | — |  |   | (1 | ) |
| Cash payments                 | (5 | ) |   | — |  |   | — |  |   | (7 | ) |   | (12 | ) |
| Balance at June 29, 2013      | $ | 9 |  |   | $ | — |  |   | $ | — |  |   | $ | 14 |  |   | $ | 23 |  |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended |   | Six Months Ended |
|                                                                  | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Numerator:                                                            |   |   |   |   |   |  |   |   |  |
| Net earnings attributable to St. Jude Medical, Inc.                   | $ | 115 |  |   | $ | 244 |  |   | $ | 338 |  |   | $ | 456 |  |
| Denominator:                                                          |   |   |   |   |   |  |   |   |  |
| Basic weighted average shares outstanding                             | 283.9 |  |   | 313.9 |  |   | 284.6 |  |   | 314.8 |  |
| Effect of dilutive securities:                                        |   |   |   |   |   |  |   |   |  |
| Employee stock options                                                | 2.5 |  |   | 1.1 |  |   | 2.2 |  |   | 1.5 |  |
| Restricted stock units                                                | 0.3 |  |   | 0.2 |  |   | 0.3 |  |   | 0.1 |  |
| Diluted weighted average shares outstanding                           | 286.7 |  |   | 315.2 |  |   | 287.1 |  |   | 316.4 |  |
| Basic net earnings per share attributable to St. Jude Medical, Inc.   | $ | 0.41 |  |   | $ | 0.78 |  |   | $ | 1.19 |  |   | $ | 1.45 |  |
| Diluted net earnings per share attributable to St. Jude Medical, Inc. | $ | 0.40 |  |   | $ | 0.78 |  |   | $ | 1.18 |  |   | $ | 1.44 |  |

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|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | Unrealized | Unrealized | Foreign | Accumulated |
|                                                                             | gain (loss) on | gain (loss) on | Currency | Other |
|                                                                             | available-for-sale | derivative | Translation | Comprehensive |
| For the three months ended June 29, 2013                                         | securities | instruments | Adjustment | Income (Loss) |
| Accumulated other comprehensive income (loss), net of tax, at March 30, 2013     | $ | 19 |  | $ | 3 |  | $ | (1 | ) | $ | 21 |  |
| Other comprehensive income (loss) before reclassifications                       | 2 |  | — |  | (14 | ) | (12 | ) |
| Amounts reclassified to net earnings from accumulated other comprehensive income | (3 | ) | — |  | — |  | (3 | ) |
| Other comprehensive income (loss)                                                | (1 | ) | — |  | (14 | ) | (15 | ) |
| Accumulated other comprehensive income (loss), net of tax, at June 29, 2013      | $ | 18 |  | $ | 3 |  | $ | (15 | ) | $ | 6 |  |
|                                                                             |   |   |   |   |
|                                                                             | Unrealized | Unrealized | Foreign | Accumulated |
|                                                                             | gain (loss) on | gain (loss) on | Currency | Other |
|                                                                             | available-for-sale | derivative | Translation | Comprehensive |
| For the six months ended June 29, 2013                                           | securities | instruments | Adjustment | Income (Loss) |
| Accumulated other comprehensive income (loss), net of tax, at December 29, 2012  | $ | 20 |  | $ | — |  | $ | 26 |  | $ | 46 |  |
| Other comprehensive income (loss) before reclassifications                       | 1 |  | 3 |  | (41 | ) | (37 | ) |
| Amounts reclassified to net earnings from accumulated other comprehensive income | (3 | ) | — |  | — |  | (3 | ) |
| Other comprehensive income (loss)                                                | (2 | ) | 3 |  | (41 | ) | (40 | ) |
| Accumulated other comprehensive income (loss), net of tax, at June 29, 2013      | $ | 18 |  | $ | 3 |  | $ | (15 | ) | $ | 6 |  |

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|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |
|                                                                             | Unrealized | Foreign | Accumulated |
|                                                                             | gain (loss) on | Currency | Other |
|                                                                             | available-for-sale | Translation | Comprehensive |
| For the three months ended June 30, 2012                                         | securities | Adjustment | Income (Loss) |
| Accumulated other comprehensive income (loss), net of tax, at March 31, 2012     | $ | 18 |  | $ | 36 |  | $ | 54 |  |
| Other comprehensive income (loss) before reclassifications                       | 4 |  | (84 | ) | (80 | ) |
| Amounts reclassified to net earnings from accumulated other comprehensive income | (3 | ) | — |  | (3 | ) |
| Other comprehensive income (loss)                                                | 1 |  | (84 | ) | (83 | ) |
| Accumulated other comprehensive income (loss), net of tax, at June 30, 2012      | $ | 19 |  | $ | (48 | ) | $ | (29 | ) |
|                                                                             |   |   |   |
|                                                                             | Unrealized | Foreign | Accumulated |
|                                                                             | gain (loss) on | Currency | Other |
|                                                                             | available-for-sale | Translation | Comprehensive |
| For the six months ended June 30, 2012                                           | securities | Adjustment | Income (Loss) |
| Accumulated other comprehensive income (loss), net of tax, at December 31, 2011  | $ | 18 |  | $ | (2 | ) | $ | 16 |  |
| Other comprehensive income (loss) before reclassifications                       | 6 |  | (46 | ) | (40 | ) |
| Amounts reclassified to net earnings from accumulated other comprehensive income | (5 | ) | — |  | (5 | ) |
| Other comprehensive income (loss)                                                | 1 |  | (46 | ) | (45 | ) |
| Accumulated other comprehensive income (loss), net of tax, at June 30, 2012      | $ | 19 |  | $ | (48 | ) | $ | (29 | ) |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Amount reclassified from accumulated other comprehensive income |   |
| Details about accumulated other                          | Three Months Ended | Six Months Ended |  |
| comprehensive income components                          | June 29, 2013 | June 30, 2012 | June 29, 2013 | June 30, 2012 | Statements of Earnings Classification |
|                                                     |   |   |   |   |   |
| Unrealized gain (loss) on available-for-sale securities: |   |   |
| Gain on sale of available-for-sale securities            | $ | 5 |  | $ | 6 |  | $ | 5 |  | $ | 9 |  | Other expense, net |
|                                                     | (2 | ) | (3 | ) | (2 | ) | (4 | ) | Income tax expense |
|                                                     | 3 |  | 3 |  | 3 |  | 5 |  | Net earnings before noncontrolling interest |
|                                                     | $ | 3 |  | $ | 3 |  | $ | 3 |  | $ | 5 |  | Net earnings attributable to St. Jude Medical, Inc. |

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|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | Three Months Ended |   | Six Months Ended |
|               | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Interest income    | $ | (2 | ) |   | $ | (1 | ) |   | $ | (3 | ) |   | $ | (2 | ) |
| Interest expense   | 20 |  |   | 19 |  |   | 39 |  |   | 37 |  |
| Other              | 165 |  |   | 7 |  |   | 195 |  |   | 13 |  |
| Other expense, net | $ | 183 |  |   | $ | 25 |  |   | $ | 231 |  |   | $ | 48 |  |

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|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1 – Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. |

|         |                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 – Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | Level 3 – Inputs to the fair value measurement are unobservable inputs or valuation techniques. |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|                   | June 29, 2013 |   | December 29, 2012 |
| Adjusted cost          | $ | 8 |  |   | $ | 9 |  |
| Gross unrealized gains | 29 |  |   | 32 |  |
| Fair value             | $ | 37 |  |   | $ | 41 |  |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Balance SheetClassification | June 29, 2013 |   | Quoted PricesIn ActiveMarkets(Level 1) |   | SignificantOtherObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |
| Assets                        |   |   |  |   |   |  |   |   |  |   |   |  |
| Money-market securities       | Cash and cash equivalents | $ | 884 |  |   | $ | 884 |  |   | $ | — |  |   | $ | — |  |
| Available-for-sale securities | Other current assets | 37 |  |   | 37 |  |   | — |  |   | — |  |
| Trading securities            | Other assets | 253 |  |   | 253 |  |   | — |  |   | — |  |
| Total assets                  |   | $ | 1,174 |  |   | $ | 1,174 |  |   | $ | — |  |   | $ | — |  |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Balance SheetClassification | December 29, 2012 |   | Quoted PricesIn ActiveMarkets(Level 1) |   | SignificantOtherObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |
| Assets                        |   |   |  |   |   |  |   |   |  |   |   |  |
| Money-market securities       | Cash and cash equivalents | $ | 964 |  |   | $ | 964 |  |   | $ | — |  |   | $ | — |  |
| Available-for-sale securities | Other current assets | 41 |  |   | 41 |  |   | — |  |   | — |  |
| Trading securities            | Other assets | 231 |  |   | 231 |  |   | — |  |   | — |  |
| Total assets                  |   | $ | 1,236 |  |   | $ | 1,236 |  |   | $ | — |  |   | $ | — |  |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | IESD |   | CATD |   | Other |   | Total |
| Three Months ended June 29, 2013: |   |  |   |   |  |   |   |  |   |   |  |
| Net sales                         | $ | 826 |  |   | $ | 577 |  |   | $ | — |  |   | $ | 1,403 |  |
| Operating profit                  | 565 |  |   | 341 |  |   | (624 | ) |   | 282 |  |
| Three Months ended June 30, 2012: |   |  |   |   |  |   |   |  |   |   |  |
| Net sales                         | $ | 852 |  |   | $ | 558 |  |   | $ | — |  |   | $ | 1,410 |  |
| Operating profit                  | 591 |  |   | 331 |  |   | (584 | ) |   | 338 |  |
|                              |   |   |   |   |   |   |   |
| Six Months ended June 29, 2013:   |   |   |   |   |   |   |   |
| Net sales                         | $ | 1,603 |  |   | $ | 1,138 |  |   | $ | — |  |   | $ | 2,741 |  |
| Operating profit                  | 1,096 |  |   | 674 |  |   | (1,180 | ) |   | 590 |  |
| Six Months ended June 30, 2012:   |   |  |   |   |  |   |   |  |   |   |  |
| Net sales                         | $ | 1,690 |  |   | $ | 1,115 |  |   | $ | — |  |   | $ | 2,805 |  |
| Operating profit                  | 1,173 |  |   | 661 |  |   | (1,194 | ) |   | 640 |  |

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|              |
|--------------|
|              |  |  |  |  |  |  |  |
| Total Assets | June 29, 2013 |   | December 29, 2012 |
| IESD         | $ | 2,598 |  |   | $ | 2,320 |  |
| CATD         | 2,960 |  |   | 2,967 |  |
| Other        | 4,102 |  |   | 3,984 |  |
|         | $ | 9,660 |  |   | $ | 9,271 |  |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Three Months Ended |   | Six Months Ended |
| Net Sales     | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| United States | $ | 669 |  |   | $ | 664 |  |   | $ | 1,309 |  |   | $ | 1,329 |  |
| International |   |   |   |   |   |   |   |
| Europe        | 376 |  |   | 374 |  |   | 733 |  |   | 748 |  |
| Japan         | 137 |  |   | 163 |  |   | 276 |  |   | 328 |  |
| Asia Pacific  | 125 |  |   | 116 |  |   | 237 |  |   | 221 |  |
| Other         | 96 |  |   | 93 |  |   | 186 |  |   | 179 |  |
|          | 734 |  |   | 746 |  |   | 1,432 |  |   | 1,476 |  |
|          | $ | 1,403 |  |   | $ | 1,410 |  |   | $ | 2,741 |  |   | $ | 2,805 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |
| Long-Lived Assets | June 29, 2013 |   | December 29, 2012 |
| United States     | $ | 1,055 |  |   | $ | 1,036 |  |
| International     |   |  |   |   |  |
| Europe            | 75 |  |   | 82 |  |
| Japan             | 34 |  |   | 32 |  |
| Asia Pacific      | 78 |  |   | 82 |  |
| Other             | 190 |  |   | 193 |  |
|              | 377 |  |   | 389 |  |
|              | $ | 1,432 |  |   | $ | 1,425 |  |

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|         |
|---------|
|         |  |
| Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | IESD |   | CATD |   | Other |   | Total |
| Three Months ended June 29, 2013: |   |  |   |   |  |   |   |  |   |   |  |
| Net sales                         | $ | 826 |  |   | $ | 577 |  |   | $ | — |  |   | $ | 1,403 |  |
| Operating profit                  | 565 |  |   | 341 |  |   | (624 | ) |   | 282 |  |
| Three Months ended June 30, 2012: |   |  |   |   |  |   |   |  |   |   |  |
| Net sales                         | $ | 852 |  |   | $ | 558 |  |   | $ | — |  |   | $ | 1,410 |  |
| Operating profit                  | 591 |  |   | 331 |  |   | (584 | ) |   | 338 |  |
|                              |   |   |   |   |   |   |   |
| Six Months ended June 29, 2013:   |   |   |   |   |   |   |   |
| Net sales                         | $ | 1,603 |  |   | $ | 1,138 |  |   | $ | — |  |   | $ | 2,741 |  |
| Operating profit                  | 1,096 |  |   | 674 |  |   | (1,180 | ) |   | 590 |  |
| Six Months ended June 30, 2012:   |   |  |   |   |  |   |   |  |   |   |  |
| Net sales                         | $ | 1,690 |  |   | $ | 1,115 |  |   | $ | — |  |   | $ | 2,805 |  |
| Operating profit                  | 1,173 |  |   | 661 |  |   | (1,194 | ) |   | 640 |  |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Three Months Ended |   |   |   | Six Months Ended |   |   |
| (in millions)            | June 29, 2013 |   | June 30, 2012 |   | %Change |   | June 29, 2013 |   | June 30, 2012 |   | %Change |
| ICD systems              | $ | 454 |  |   | $ | 459 |  |   | (1.1 | )% |   | $ | 881 |  |   | $ | 909 |  |   | (3.1 | )% |
| Pacemaker systems        | 264 |  |   | 287 |  |   | (8.0 | )% |   | 515 |  |   | 572 |  |   | (10.0 | )% |
| Neuromodulation products | 108 |  |   | 106 |  |   | 1.9 |  % |   | 207 |  |   | 209 |  |   | (1.0 | )% |
|                     | $ | 826 |  |   | $ | 852 |  |   | (3.1 | )% |   | $ | 1,603 |  |   | $ | 1,690 |  |   | (5.1 | )% |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | Three Months Ended |   |   |   | Six Months Ended |   |   |
| (in millions)                     | June 29, 2013 |   | June 30, 2012 |   | %Change |   | June 29, 2013 |   | June 30, 2012 |   | %Change |
| Atrial fibrillation (AF) products | $ | 237 |  |   | $ | 218 |  |   | 8.7 |  % |   | $ | 470 |  |   | $ | 439 |  |   | 7.1 |  % |
| Vascular products                 | 178 |  |   | 180 |  |   | (1.1 | )% |   | 353 |  |   | 361 |  |   | (2.2 | )% |
| Structural heart products         | 162 |  |   | 160 |  |   | 1.3 |  % |   | 315 |  |   | 315 |  |   | — |  % |
|                              | $ | 577 |  |   | $ | 558 |  |   | 3.4 |  % |   | $ | 1,138 |  |   | $ | 1,115 |  |   | 2.1 |  % |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Three Months Ended |   |   |   | Six Months Ended |   |   |
| (in millions)                           | June 29, 2013 |   | June 30, 2012 |   | %Change |   | June 29, 2013 |   | June 30, 2012 |   | %Change |
|      Net sales | $ | 1,403 |  |   | $ | 1,410 |  |   | (0.5 | )% |   | $ | 2,741 |  |   | $ | 2,805 |  |   | (2.3 | )% |

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|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Three Months Ended |   | Six Months Ended |
| Net Sales     | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| United States | $ | 669 |  |   | $ | 664 |  |   | $ | 1,309 |  |   | $ | 1,329 |  |
| International |   |   |   |   |   |   |   |
| Europe        | 376 |  |   | 374 |  |   | 733 |  |   | 748 |  |
| Japan         | 137 |  |   | 163 |  |   | 276 |  |   | 328 |  |
| Asia Pacific  | 125 |  |   | 116 |  |   | 237 |  |   | 221 |  |
| Other         | 96 |  |   | 93 |  |   | 186 |  |   | 179 |  |
|          | 734 |  |   | 746 |  |   | 1,432 |  |   | 1,476 |  |
|          | $ | 1,403 |  |   | $ | 1,410 |  |   | $ | 2,741 |  |   | $ | 2,805 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross profit            |   |  |   |   |  |   |   |   |   |
|                    | Three Months Ended |   | Six Months Ended |
| (in millions)           | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Gross profit            | $ | 1,021 |  |   | $ | 1,027 |  |   | $ | 1,982 |  |   | $ | 2,041 |  |
| Percentage of net sales | 72.8 | % |   | 72.8 | % |   | 72.3 | % |   | 72.8 | % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Selling, general and administrative (SG&A) expense |   |  |   |   |  |   |   |   |   |
|                                                   | Three Months Ended |   | Six Months Ended |
| (in millions)                                          | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Selling, general and administrative                    | $ | 489 |  |   | $ | 494 |  |   | $ | 957 |  |   | $ | 984 |  |
| Percentage of net sales                                | 34.9 | % |   | 35.0 | % |   | 34.9 | % |   | 35.1 | % |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Research and development (R&D) expense |   |  |   |   |  |   |   |   |   |
|                                       | Three Months Ended |   | Six Months Ended |
| (in millions)                              | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Research and development expense           | $ | 173 |  |   | $ | 173 |  |   | $ | 333 |  |   | $ | 348 |  |
| Percentage of net sales                    | 12.3 | % |   | 12.3 | % |   | 12.1 | % |   | 12.4 | % |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Special charges               |   |  |   |   |  |   |   |   |   |
|                          | Three Months Ended |   | Six Months Ended |
| (in millions)                 | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Cost of sales special charges | $ | 1 |  |   | $ | 16 |  |   | $ | 19 |  |   | $ | 39 |  |
| Special charges               | 77 |  |   | 22 |  |   | 102 |  |   | 69 |  |
|                          | $ | 78 |  |   | $ | 38 |  |   | $ | 121 |  |   | $ | 108 |  |

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|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other expense, net |   |   |   |   |   |   |   |
|               | Three Months Ended |   | Six Months Ended |
| (in millions)      | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Interest income    | $ | (2 | ) |   | $ | (1 | ) |   | $ | (3 | ) |   | $ | (2 | ) |
| Interest expense   | 20 |  |   | 19 |  |   | 39 |  |   | 37 |  |
| Other              | 165 |  |   | 7 |  |   | 195 |  |   | 13 |  |
| Other expense, net | $ | 183 |  |   | $ | 25 |  |   | $ | 231 |  |   | $ | 48 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Three Months Ended |   | Six Months Ended |
| (as a percent of pre-tax income) | June 29, 2013 |   | June 30, 2012 |   | June 29, 2013 |   | June 30, 2012 |
| Effective tax rate               | (9.3 | )% |   | 22.0 | % |   | 8.4 | % |   | 23.0 | % |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended |
|                                                                  | June 29, 2013 |   | June 30, 2012 |
| Net cash provided by (used in):                                       |   |  |   |   |  |
| Operating activities                                                  | $ | 396 |  |   | $ | 589 |  |
| Investing activities                                                  | (124 | ) |   | (141 | ) |
| Financing activities                                                  | (234 | ) |   | (213 | ) |
| Effect of currency exchange rate changes on cash and cash equivalents | (12 | ) |   | (7 | ) |
| Net increase in cash and cash equivalents                             | $ | 26 |  |   | $ | 228 |  |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |
| Dividend Authorization Date                                            | Shareholders’Record Date | DividendPayable Date | Cash DividendsDeclaredPer Share |
|                                                                   |   |   |   |
| February 23, 2013                                                      | March 29, 2013 | April 30, 2013 | $ | 0.25 |  |
| May 1, 2013                                                            | June 28, 2013 | July 31, 2013 | 0.25 |  |
| Dividends declared per share during the six months ended June 29, 2013 |   |   | $ | 0.50 |  |

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|    |
|----|
|    |  |  |
| 1  | . | Any legislative or administrative reform to the U.S. Medicare or Medicaid systems or international reimbursement systems that significantly reduces reimbursement for procedures using our medical devices or denies coverage for such procedures, as well as adverse decisions relating to our products by administrators of such systems on coverage or reimbursement issues. |
| 2  | . | Assertion, acquisition or grant of key patents by or to others that have the effect of excluding us from market segments or requiring us to pay royalties. |
| 3  | . | Economic factors, including inflation, contraction in capital markets, changes in interest rates and changes in foreign currency exchange rates. |
| 4  | . | Product introductions by competitors that have advanced technology, better features or lower pricing. |
| 5  | . | The loss of, or price increases by, suppliers of key components, some of which are sole-sourced. |
| 6  | . | A reduction in the number of procedures using our devices caused by cost-containment pressures, publication of adverse study results, initiation of investigations of our customers related to our devices or the development of or preferences for alternative therapies. |
| 7  | . | Safety, performance or efficacy concerns about our products, many of which are expected to be implanted for many years, some of which may lead to recalls and/or advisories with the attendant expenses and declining sales. |
| 8  | . | Declining industry-wide sales caused by product quality issues or recalls or advisories by us or our competitors that result in loss of physician and/or patient confidence in the safety, performance or efficacy of sophisticated medical devices in general and/or the types of medical devices recalled in particular. |
| 9  | . | Changes in laws, regulations or administrative practices affecting government regulation of our products, such as FDA regulations, including those that decrease the probability or increase the time and/or expense of obtaining approval for products or impose additional burdens on the manufacture and sale of medical devices. |
| 10 | . | Regulatory actions arising from concern over Bovine Spongiform Encephalopathy, sometimes referred to as “mad cow disease,” that have the effect of limiting our ability to market products using bovine collagen, such as Angio-Seal™, or products using bovine pericardial material, such as our Biocor®, Epic™ and Trifecta™ tissue heart valves, or that impose added costs on the procurement of bovine collagen or bovine pericardial material. |
| 11 | . | Our ability to fund future product liability losses related to claims made subsequent to becoming self-insured. |
| 12 | . | Severe weather or other natural disasters that can adversely impact customers purchasing patterns and/or patient implant procedures or cause damage to the facilities of our critical suppliers or one or more of our facilities, such as an earthquake affecting our facilities in California or a hurricane affecting our facilities in Puerto Rico. |
| 13 | . | Healthcare industry changes leading to demands for price concessions and/or limitations on, or the elimination of, our ability to sell in significant market segments. |
| 14 | . | Adverse developments in investigations and governmental proceedings. |
| 15 | . | Adverse developments in litigation, including product liability litigation, patent or other intellectual property litigation, qui tam litigation or shareholder litigation. |
| 16 | . | Inability to successfully integrate the businesses that we have acquired in recent years and that we plan to acquire. |
| 17 | . | Failure to successfully complete or unfavorable data from clinical trials for our products or new indications for our products and/or failure to successfully develop markets for such new indications. |
| 18 | . | Changes in accounting rules or tax laws that adversely affect our results of operations, financial position or cash flows. |
| 19 | . | The disruptions in the financial markets and the economic downturn that adversely impact the availability and cost of credit and customer purchasing and payment patterns, including the collectability of customer accounts receivable. |
| 20 | . | Conditions imposed in resolving, or any inability to timely resolve, any regulatory issues raised by the FDA, including Form 483 observations or warning letters, as well as risks generally associated with our regulatory compliance and quality systems. |
| 21 | . | Governmental legislation, including the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act, and/or regulation that significantly impacts the healthcare system in the United States or in international markets and that results in lower reimbursement for procedures using our products, reduces medical procedure volumes or otherwise adversely affects our business and results of operations, including the U.S. medical device excise tax. |
| 22 | . | Our inability to realize the expected benefits from our restructuring initiatives and continuous improvement efforts and the negative unintended consequences such activity could have. |
| 23 | . | Our inability to maintain, protect and enhance our existing information technology systems and to develop new systems. |

|         |                                                            |
|---------|------------------------------------------------------------|
| Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |

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|         |                         |
|---------|-------------------------|
| Item 4. | CONTROLS AND PROCEDURES |

|         |                   |
|---------|-------------------|
| Item 1. | LEGAL PROCEEDINGS |

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|        |
|--------|
|        |  |  |  |
|   | — |  | take a significant amount of time, |
|   | — |  | require the expenditure of substantial resources, |
|   | — |  | involve rigorous pre-clinical and clinical testing, as well as increased post-market surveillance, |
|   | — |  | involve modifications, repairs or replacements of our products, and |
|   | — |  | result in limitations on the indicated uses of our products. |

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|        |
|--------|
|        |  |  |  |  |
|   | — |  |   | the presence or absence of adequate internal controls and/or significant fraud in the financial systems of acquired companies; |
|   | — |  |   | adverse developments arising out of investigations by governmental entities of the business practices of acquired companies; |
|   | — |  |   | any decrease in customer loyalty and product orders caused by dissatisfaction with the combined companies' product lines and sales and marketing practices, including price increases; |
|   | — |  |   | our ability to retain key employees; and |
|   | — |  |   | the ability of the combined company to achieve synergies among its constituent companies, such as increasing sales of the combined company's products, achieving cost savings and effectively combining technologies to develop new products. |

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|        |
|--------|
|        |  |  |  |  |
|   | — |  |   | the imposition of or increase in import or export duties, surtaxes, tariffs or customs duties; |
|   | — |  |   | the imposition of import or export quotas or other trade restrictions; |
|   | — |  |   | foreign tax laws and potential increased costs associated with overlapping tax structures; |
|   | — |  |   | compliance with various U.S. and foreign laws, including the Foreign Corrupt Practices Act, the UK Anti-Bribery Act and import/export laws; |
|   | — |  |   | longer accounts receivable cycles in certain foreign countries, whether due to cultural, economic or other factors; |
|   | — |  |   | changes in medical reimbursement programs and regulatory requirements in international markets in which we operate; and |
|   | — |  |   | economic and political instability in foreign countries, including concerns over excessive levels of sovereign debt and budget deficits in countries where we market our products that could result in an inability to pay or timely pay outstanding payables. |

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|         |          |
|---------|----------|
| Item 6. | EXHIBITS |

|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| No.     |   | Description |
|    |   |   |
| 4.1     |   | Fourth Supplemental Indenture, dated as of April 2, 2013, between St. Jude Medical, Inc. and U.S. Bank National Association, as Trustee, is incorporated by reference to Exhibit 4.1 to St. Jude Medical's Current Report on Form 8-K filed on April 2, 2013. |
|    |   |   |
| 10.1    |   | Amendment, dated as of May 1, 2013, to the St. Jude Medical, Inc. 2006 Stock Incentive Plan. |
|    |   |   |
| 10.2    |   | St. Jude Medical, Inc. 2007 Employee Stock Purchase Plan, as amended effective August 1, 2013. |
|    |   |   |
| 12      |   | Computation of Ratio of Earnings to Fixed Charges. |
|    |   |   |
| 31.1    |   | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|    |   |   |
| 31.2    |   | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|    |   |   |
| 32.1    |   | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|    |   |   |
| 32.1    |   | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|    |   |   |
| 99.1    |   | Form 483 released by the Food and Drug Administration on November 20, 2012. * |
|    |   |   |
| 101     |   | Financial statements from the quarterly report on Form 10-Q of St. Jude Medical, Inc. for the quarter ended June 29, 2013, formatted in XBRL: (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to the Condensed Consolidated Financial Statements. |

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|                     |
|---------------------|
|                     |  |  |  |  |
|                |   | ST. JUDE MEDICAL, INC. |
|                |   |   |
| August 7, 2013 |   |   | /s/ DONALD J. ZURBAY |   |
| DATE                |   | DONALD J. ZURBAY |
|                |   | Vice President, Finance |
|                |   | and Chief Financial Officer |
|                |   | (Duly Authorized Officer and |
|                |   | Principal Financial and |
|                |   | Accounting Officer) |

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|         |
|---------|
|         |  |  |
| Exhibit |   |   |
| No.     |   | Description |
|    |   |   |
| 4.1     |   | Fourth Supplemental Indenture, dated as of April 2, 2013, between St. Jude Medical, Inc. and U.S. Bank National Association, as Trustee, is incorporated by reference to Exhibit 4.1 to St. Jude Medical's Current Report on Form 8-K filed on April 2, 2013. |
|    |   |   |
| 10.1    |   | Amendment, dated as of May 1, 2013, to the St. Jude Medical, Inc. 2006 Stock Incentive Plan. # |
|    |   |   |
| 10.2    |   | St. Jude Medical, Inc. 2007 Employee Stock Purchase Plan, as amended effective August 1, 2013. # |
|    |   |   |
| 12      |   | Computation of Ratio of Earnings to Fixed Charges. # |
|    |   |   |
| 31.1    |   | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. # |
|    |   |   |
| 31.2    |   | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. # |
|    |   |   |
| 32.1    |   | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. # |
|    |   |   |
| 32.1    |   | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. # |
|    |   |   |
| 99.1    |   | Form 483 released by the Food and Drug Administration on November 20, 2012. # * |
|    |   |   |
| 101     |   | Financial statements from the quarterly report on Form 10-Q of St. Jude Medical, Inc. for the quarter ended June 29, 2013, formatted in XBRL: (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to the Condensed Consolidated Financial Statements. |

|                                                                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                           |  |
|                                                                                                                                                                      |   |
| # Filed as an exhibit to this Quarterly Report on Form 10-Q.                                                                                                              |
| * Certain provisions of this exhibit have been omitted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment. |